"Coconut Crack" is a choosing rhyme like "One Potato".
All of the kids put our their two fists. One kid goes around tapping the other kids' fists with his fist. The one whose fist he ends the rhyme on is out (that kid puts that fist behind his back). Then go around again and again until only one fist is left. The one that is left at the end of all the rounds is "It".